MS-13 INSTEAD TO MAKE AN ANNOUNCEMENT ON THE NEXT

POSSIBLE FRONT IN THE INTERNATIONAL TRADE WAR HE HAS

BEEN DEVELOPING.

HERE IS WHAT HE SAID --

SO YES, A 20% TARIFF IS A SIGNIFICANT EXTRA TARIFF.

IF YOU

BOUGHT A CAR RECENTLY, IMAGINE 20% EXTRA.

IT'S LIKE GOING TO

THE DEALERSHIP TWICE.

SO THAT'S PRETTY SIGNIFICANT THERE.

NOW,

THERE IS A DISPARITY BETWEEN THE LEVEL OF TARIFFS THAT THERE E.U.

HAS AND WE HAVE, THERE ARE TWO SIDES TO THAT RELATIONSHIP --

I DON'T KNOW IF THE 20% WOULD BE ADDED ON TOP OF THE 25%, BUT

IN EITHER CASE IT WOULD SIGNIFICANTLY BLOW PAST EUROPE'S

LEVEL OF TARIFFS RIGHT NOW. AND COINCIDENTALLY TODAY VOLVO IS

OPENING UP A GIGANTIC NEW PLANT.

PRETTY MUCH EVERYONE IN THE

COUNTRY OTHER THAN DONALD TRUMP KNOWS THIS, BUT INTERNATIONAL

CAR COMPANIES MAKE A TON OF CARS IN THE U.S., SO THEY ARE GOING

TO DO THAT, IT'S EXPECTED THAT IN THE NEXT FEW YEARS THEY WILL

BE PUMPING OUT HUNDREDS OF THOUSANDS OF CARS FROM THIS ONE

PLANT, AND WHILE ANNOUNCING IT, THEY ARE VERY EXCITED ABOUT IT,

THEY ALSO DECIDED TO TALK A BIT ABOUT THE TARIFFS.

IN THE 1800S, ONE FOURTH OF OUR POPULATION LEFT FOR THE

UNITED STATES AND HELPS TO BUILD THIS WONDERFUL COUNTRY, AND WE

REALLY CONTINUE TO DO THAT, SO WE ARE ACTUALLY EMPLOYING

DIRECTLY IN SWEDISH COMPANIES 365,000 AMERICANS.

AND BESIDES

THAT WE ARE ACTUALLY THE 15TH LARGEST INVESTOR IN THE UNITED

STATES.

I HAVE TO BE FRANK, THOUGH, WE ARE A BIT WORRIED

ABOUT THE TRADE AGENDA TODAY THAT WE SEE IN THE UNITED

STATES, AS WE ARE LOOKING TO INVEST MORE IN THE UNITED

STATES, TRADE MORE WITH THE UNITED STATES, WE ARE WORRIED

ABOUT THE STEEL AND ALUMINUM TARIFFS THAT ARE PUT ON THE

EUROPEAN UNION AND OF COURSE EXTREMELY WORRIED WHEN IT COMES

TO POSSIBLE CAR TARIFFS, WHICH I THINK A PLANT LIKE THIS DOES NOT

NEED THAT BECAUSE WE ARE ALL PART OF GLOBAL VALUE CHAINS AND

THAT IS WHAT CREATES THE JOBS WE HAVE TODAY AND THAT'S HOW THE

ECONOMY WORKS.

SO THOSE OF YOU WHO HAVE A POSSIBILITY TO

INFLUENCE, I REALLY HOPE YOU CAN BRING THIS MESSAGE FORWARD

BECAUSE EUROPE AND THE UNITED STATES, WE ARE THE BEST OF

FRIENDS, IF ONE CAN PUT IT SO SIMPLE, IN THE WORLD, AND WE

SHOULD REALLY WORK TOGETHER TO SOLVE THE WORLD'S PROBLEMS, ALSO

ON TRADE ISSUES, SO I READY HOPE WE CAN CONTINUE THAT GOOD

COLLABORATION AND REALLY CREATE BONDS THAT MAKE US STRONGER AND

NOT WEAKER, WHICH I'M A BIT WORRIED WE ARE DOING RIGHT NOW

ON THE TRADE AGENDA.

WE'LL HAVE TO SEE IF HE GETS THAT MESSAGE.

THE WHOLE THING ABOUT TRADE WARS, AND I JUST FAIL TO

UNDERSTAND THE ECONOMIC ARGUMENT FOR THEM, SO THEREFORE WE GO

BACK TO TRUMP IS DOING IT BECAUSE HE CAN, HE WANTS TO, HE

FEELS UPSET ONE DAY AT SOME COUNTRY AND DECIDES HERE, WE'LL

SLAP ON A STEEL AND ALUMINUM TARIFFS, MAYBE WE WILL TAKE IT

OFF OR PUT IT BACK ON, BUT SHE SAYS SWEDISH CARMAKERS EMPLOY

350,000 U.S. WORKERS, THAT MANY U.S. PEOPLE HAVE REAL JOBS

BECAUSE OF THOSE COMPANIES IN OUR COUNTRY.

YOU START SLAPPING

ON EXTRA TARIFFS ON THEIR PRODUCTS THOSE PEOPLE START TO

MAYBE GET 20% REDUCED AS A WORKFORCE.

THIS HAS A LOT OF

TAIL.

AND FROM HIS PERSPECTIVE, GOING BACK TO WHAT SHE SAYS IS

VERY INTERESTING, WEAKENING THESE RELATIONSHIPS, WHEN YOU

START TO HAVE TRADE WARS, WHEN YOU START TO DO TIT FOR TAT, 25%

HERE, 50 BILLION HERE, 200 BILLION ON CHINA, THAT STARTS TO

ESCALATE THE INABILITY OF THE UNITED STATES OR ANY COUNTRY

THAT'S ABLE TO START THAT TO ACTUALLY NEGOTIATE BETTER TRADE

AGREEMENTS ON ALL PRODUCTS FOR ALL WORKERS THROUGHOUT ALL OF

THE WORLD, IT REDUCES THE VERY POSITION THAT HE SAYS HE'S

TRYING TO INCREASE BY VIRTUE OF THE FACT THAT IT WILL REDUCE

WORKERS, IT WILL REDUCE JOBS AND SO FORTH IN THE UNITED STATES

AND THROUGHOUT THE WORLD, IT WILL ALSO HARM OUR DIPLOMATIC

RELATIONSHIP.

IT ALREADY HAS HARMED OUR DIPLOMATIC

RELATIONSHIP WITH OUR NEIGHBORS, WITH CANADA AND MEXICO, WITH

EUROPE, WITH JAPAN, AND ON AND ON.

I HAVE TWO THOUGHTS ON THIS.

ONE -- WELL, LET'S GO FOR THREE

-- ONE IS THE FUNNY PART WHICH IS NIKKI HALEY WAS IN THE

AUDIENCE BECAUSE SHE'S THE FORMER GOVERNOR OF SOUTH

CAROLINA WHERE THE PLANT IS, SHE'S NOW OF COURSE THE U.S.

AMBASSADOR TO THE UNITED NATIONS, SO SHE'S SMILING ALL

ALONG AND THEN THE AMBASSADOR GETS TO THE PART OF HOW THE

TARIFFS ARE BAD AND NIKKI HALEY IS LIKE -- AND APPARENTLY SHE

LEFT IN THE MIDDLE OF SPEECHES.

SO THEY'RE LIKE, OH, FOR THOSE

OF YOU WHO CAN DO SOMETHING, SHE HEARS THAT, SHE'S GONE.

I DON'T

KNOW IF SHE TOOK OFF IN A VOLVO -- AND THEN THIS VOLVO CEO CAME

AND SAID MORE STUFF THAT WAS TOUGH AGAINST THE TRUMP

DEMONSTRATION BUT HALEY IT ALREADY FLED FROM THE BUILDING.

AND HER POINT ABOUT -- I DIDN'T KNOW THAT A QUARTER OF SWEDEN

HAD MOVED TO THE U.S. IN THE 1800S, THAT'S WONDERFUL.

AND WE

AREN'T WORKING WITH OUR TOP ALLIES IN THE WORLD, AND I

IMAGINE EVEN THE RIGHT WING WOULD SAY SWEDEN, NORTHERN

EUROPE, WONDERFUL ALLIES -- IF WE AREN'T WORKING WITH CANADA,

WITH MEXICO, WHO ARE WE WORKING WITH?

AND THE ANSWER IS, UH,

DUTERTE IN THE PHILIPPINES, KIM JONG-UN, VLADIMIR PUTIN, SOME OF

IT MAKES SENSE, YOU HAVE TO MAKE PEACE WITH YOUR ENEMIES LIKE

NORTH KOREA, BUT WHEN YOU LOOK AT THE TOTALITY OF THE PEOPLE WE

ARE INSULTING AND ATTACKING AND THE TOTALITY OF THE PEOPLE

DONALD TRUMP CONSTANTLY SINGS THE PRAISES OF, IT IS A STRANGE

COLLECTION OF PEOPLE.

AND IT'S ALSO VERY UNECONOMIC FOR WHAT HE SAYS TO BE HIS

MISSION OF MAKING AMERICA GREAT AGAIN, HE'S BASICALLY DECREASING

OUR ABILITY TO SORT OF TRADE WITH THOSE SAME PARTNERS.

IT'S

DUMB.

I HAVE A GREAT EXAMPLE OF HOW DUMB IT IS, ACTUALLY, AND IT HAS

TO DO WITH TRUMP AND CHINA -- EVERYTHING THAT HAS TO DO WITH

THOSE THINGS IS DUMB, ACTUALLY, HIS RELATIONSHIP WITH CHINA --

BUT I WANT TO TALK ABOUT THIS SORT OF TARIFFS BECAUSE RIGHT

NOW HE'S JUST SAYING MAYBE IF I FEEL LIKE IT OUTPUT A 20% TARIFF

ON ALL THE CARS COMING FROM THE E.U., AND IF YOU GO TO BUY A CAR

ENJOY PAYING THOUSANDS MORE FOR IT, BUT HE'S ALREADY DONE THIS

ON CHINA --

IT DOESN'T MATTER THAT MUCH BECAUSE WE DON'T BUY THAT MANY

VEHICLES FROM CHINA BUT IT IS INTERESTING THAT WE SELL

266,000-PLUS CARS TO CHINA, AND THEY APPARENTLY FOUND THAT OUT

BECAUSE THEY ARE RAISING TARIFFS

ON OUR CARS TO 40%.

SO WE RAISED

TARIFFS ON THEIR CARS, WHICH WE DON'T BUY MUCH ANYWAY, NOW THEY

ARE GOING TO JACK UP THE TARIFFS ON US.

AND DONALD TRUMP WHO

APPARENTLY FOR SOME IRRATIONAL REASON HATES MERCEDES-BENZ MIGHT

THINK YES, SCREW MERCEDES-BENZ, IT'S A FOREIGN COMPANY ANYWAY,

BUT THOSE CARS ARE MADE HERE, U.S. WORKERS PRODUCE THOSE CARS,

OR AT LEAST WILL PRODUCE 60% AS MANY PERHAPS IN THE NEXT YEAR,

AND MANY WILL LOSE THEIR JOBS, MANY WHO LOSE THEIR JOBS WILL

HAVE BEEN TRUMP VOTERS, AND THEY MIGHT EVEN AT THIS POINT BE

CHEERING BECAUSE IT SEEMS LIKE HE'S STANDING UP FOR THE

AMERICAN WORKER, BUT NONE OF THIS BENEFITS THE AMERICAN

WORKING CLASS.

IT KILLS YOUR JOB, IT MAKES THE PRODUCT YOU GO

TO BUY MORE EXPENSIVE, IT HURTS THE ECONOMY ALL AROUND.

DONALD

TRUMP OF COURSE WILL BE FINE ECONOMICALLY, YOU WILL BEAR THE

BURDEN OF HIS POLICIES.

I AGREE AND IT ISN'T JUST IF HE DOES THE TARIFFS OR NOT, JUST

THE CONVERSATION ABOUT IT CREATES LACK OF CONFIDENCE, THE

STOCK MARKET GOES UP AND DOWN, TOPSY-TURVY, AND IT'S NOT GOING

TO HURT THE CORPORATE CEOS.

IF THEY HAVE TO TIGHTEN THEIR BELTS

THEY WILL DO IT TO THE WORKING CLASS, LIKE YOU SAID.

IN A

DISTRICT LIKE MINE WHERE THE ON EMPLOYMENT RATE IS DOUBLE THE

REST OF SAN DIEGO COUNTY, WAGES HAVEN'T GONE UP IN YEARS, PEOPLE

SAY I'M RETIRING WITH LESS THAN $500, TRUMP HAS DUPED THEM INTO

VOTING AGAINST THEIR OWN LIVELIHOOD, PEOPLE IN WASHINGTON

HAVE POWER AND USE IT TO BLIGHT THEIR LIVELIHOOD AND CRUSH THEIR

DREAMS.

THESE ARE PEOPLE WHO PAID INTO SOCIAL SECURITY AND

MEDICARE THEIR WHOLE LIVES, NOW THEY ARE TRYING TO GUT SOCIAL

SECURITY AND MEDICARE, AND IT WILL FURTHER DISABLE THE

LIVELIHOODS OF THESE PEOPLE.

JUST FOR TRUMP VOTERS WHO ARE GOING TO BE THE RECIPIENTS OF

LOST JOBS AND MORE EXTENSIVE PRODUCTS, CEOS THEMSELVES, JAMIE

DIAMOND RUNS THIS ROUNDTABLE CEO LOBBY THING AND JAMIE DIAMOND,

CEO OF CHASE, IS ONE OF THE PEOPLE I DISLIKE MOST IN THE CEO

COMMUNITY, BUT THAT COMMUNITY GOT TOGETHER AND THEY WERE

SURVEYED AND THEY SAID SPECIFICALLY THAT THEY ARE MOST

CONCERNED IN THE ECONOMY ABOUT TRADE WARS, AND AS A RESULT OF

THAT THEY ARE REDUCING THE AMOUNT OF JOBS THAT THEY WOULD

HAVE OPENED UP.

SO THEY'RE ALREADY PREEMPTING THE

ESCALATION OF TRADE WARS BY CUTTING JOBS.

AND THE CEO HERE OF VOLVO SAID I THINK THE U.S.

ADMINISTRATION NEEDS TO TAKE A DEEP BREATH, SIT DOWN, AND THINK

THIS THROUGH.

NICE HARSH WORDS THAT I LIKE.

BUT THE ESSENCE OF

THIS IS EXACTLY RIGHT, IF YOU DON'T LIKE SOME OF THE TRADE

POLICIES WE HAVE HAD IN THE PAST I THINK ALMOST EVERYONE ON THE

PANEL WOULD AGREE WITH YOU, SO IT'S NOT A MATTER OF WHETHER YOU

ARE FOR TRADE OR AGAINST TRADE, I THINK THE QUESTION IS WHAT IS

IN THE AGREEMENT?

WHAT IS IN THE POLICY?

IT'S LIKE SAYING SMALL

GOVERNMENT, BIG GOVERNMENT.

WELL, IT DEPENDS, WHAT ARE WE

DOING?

ARE WE FIGHTING A WAR, ARE WE MAKING SURE THAT THE POND

IN YOUR BACKYARD ISN'T POISONED?

IT DEPENDS ON WHAT THE TASK IS.

IN THIS CASE, IF YOU SAY LOOK, THE TPP IS RIGGED AGAINST US BY

MULTINATIONAL CORPORATIONS WHO WROTE IT, I WOULD AGREE WITH

YOU, THAT IS WHAT HAPPENED, THEY WROTE IT WITH THEIR BEST

INTERESTS IN MIND.

THAT'S WHY WE SHOULD WRITE IT, OUR

REPRESENTATIVES SHOULD WRITE IT, AND NOT REPRESENTED AS OF

MULTINATIONAL CORPORATIONS.

BUT THAT DOESN'T MEAN YOU HAVE TO

AGREE WITH TRUMP ON THIS POLICY BECAUSE IT HAS NOTHING TO DO

WITH THAT, IT HAS NOTHING TO DO WITH OUR SOVEREIGNTY OR ANY OF

THAT, IT HAS TO DO WITH A PARTICULARLY UNINTELLIGENT WAY

OF FIGHTING BACK BECAUSE LOOK AT THE EXAMPLE JOHN GAVE, WHY WOULD

WE DO A TARIFF ON CHINESE CARS?

WE DON'T BUY ANY CHINESE CARS,

YOU ARE INVITING THEM TO DO A TARIFF AGAINST OUR CARS AND THEN

YOU COST US A LOT OF MONEY AND JOBS.

THAT IS NOT WHAT EVEN HIS

VOTERS MEANT WHEN THEY SAID WE DON'T LIKE THESE TRADE DEALS.

THEY DIDN'T MEAN MAKE THEM WORSE, RIGHT?

AND WHEN YOU DO

TARIFFS AGAINST SOMEONE ELSE, THEY WILL OF COURSE DO TARIFFS

BACK AGAINST YOU.

THAT IS WHY IT'S CALLED TRADE WARS.

ON THE

OTHER HAND WHEN YOU ARE NEGOTIATING TRADE DEALS THAT'S

WHERE WE NEED TO BE TOUGH, THAT'S WHERE WE NEED TO DEMAND

THAT THEY REPRESENT THE INTERESTS OF THE AMERICAN

PEOPLE.

SO THAT IS A TOTALLY DIFFERENT BALLGAME THAN AFTER

THE FACT GOING I DON'T KNOW, I'LL JUST DO RANDOM TARIFFS

AGAINST PEOPLE, TRY TO INTIMIDATE THEM.

WOW, THEY

DIDN'T GET INTIMIDATED, THEY STRUCK BACK WITH THE SAME

TARIFFS, I DIDN'T SEE THAT COMING.

YOU DIDN'T SEE IT COMING BECAUSE YOU AREN'T THAT BRIGHT.

THE ECONOMY IS DOING OKAY BUT THERE ARE A LOT OF FARMERS IN MY

DISTRICT, THEY SEE THE WRITING ON THE WALL, THEY SEE THAT WE

HAVE A PRESIDENT AND A CONGRESS WHO DOESN'T RECOGNIZE THAT THE

THINGS THEY CARE ABOUT MOST ARE WATER AND WORKERS COME AND WE

HAVE AN ADMINISTRATION THAT IS GUTTING THE EPA AND HURTING

THEIR WAY OF LIFE, SO THERE ARE SOME WITHIN TRUMP'S CAMP, THAT'S

WHY YOU SEE HIM KISSING UP TO THEM SO MUCH, THEY SEE WHAT'S